ACME Solar listing: Shares make poor debut on bourses at Rs 251 on NSE

ACME Solar shares opened lower on bourses at Rs 259 on BSE lower than Street's expectations

ACME Solar Holdings made a disappointing debut on the bourses lower than Street's estimate. On BSE Sensex, the stock got listed at Rs 259 per share, which implies a decline of 10.3 per cent on the issue price of Rs 289 per share.

 

On the National Stock Exchange (NSE), ACME Solar Holdings shares opened at Rs 251, slipping 13.14 per cent, over ACME Solar Holdings initial public offer (IPO) allotment price.  Post listing, around 10:05 AM, ACME Solar shares were up 6.54 per cent at Rs 275.95 per share on BSE. On NSE, the scrip was up 8.69 per cent up at Rs 272.8 per share. 

 

As per the sources that track grey market premium (GMP), ACME Solar Holdings' stock was expected to be listed at Rs 285 as compared to the issue price of Rs 289, a decline of 1.38 per cent.

 

On the final day, ACME Solar Holdings; IPO was subscribed 2.75 times. It received bids for 16,00,11,174 shares against 5,82,03,223 shares on offer, according to data available with the NSE. 

 

From the investor's category, the qualified institutional buyers (QIBs) portion received 3.54 times the subscription, while the retail individual investors (RIIs) part attracted 3.10 times the subscription. The portion for non-institutional investors received a 97 per cent subscription.

 

ACME Solar Holdings' IPO opened for subscription on Wednesday, November 6, 2024, and concluded on Friday, November 8, 2024. Through the IPO, the company aims to raise Rs 2,900 crore by issuing a fresh offering of 82,871,973 shares and an offer for sale of 17,474,049 shares with a face value of Rs 2 apiece. 

 

For the ACME Solar Holdings IPO, Kfin Technologies is the registrar, while the book-running lead managers include Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital Company, and Motilal Oswal Investment Advisors.

 

Established in 2015, ACME Solar Holdings is a leading player in the Indian renewable energy sector, specialising in solar and wind energy projects. As of March 2024, the company’s operational solar capacity reached 1,320 MW.